Shopify, a popular e-commerce platform headquartered in Canada, is the latest addition to the Libra Association, a consortium of companies and organizations worldwide serving as validator nodes for Libra’s network, featuring well-known names such as Lyft, Coinbase, and Spotify. The announcement was made on February 21 on Shopify’s website, detailing the complementary goals between Shopify and Libra for global e-commerce and payment optimization.
“Our mission is to make commerce better for everyone and to do that, we spend a lot of our time thinking about how to make commerce better in parts of the world where money and banking could be far better. That’s why we decided to become a member of the Libra Association,” the announcement reads.
As one of the pioneers of large-scale e-commerce platforms hosting millions of sellers and buyers, Shopify realizes the importance of an accessible, convenient and efficient payment process that seems largely absent from traditional finance. Problems that users face in payments on the platform can lead to drop off from the website, which affects overall customer conversion for Shopify. Moreover, as the world becomes increasingly connected, e-commerce should not be restricted by borders and geographic boundaries.
As Shopify “advocate(s) for transparent fees and easy access to capital”, it is also working towards ensuring that all customer and user data provided on the platform is secure as data privacy is an important pillar. With Shopify’s induction into the Libra Association, the firm will move one step closer to its vision of empowering ‘entrepreneurs’ worldwide.
You may also want to read: Coinbase Obtains VISA Principal Membership To Issue Bitcoin Debit Cards